CLVS - Clovis Oncology climbs 34% as shareholders reject reverse stock split

• Clovis Oncology ( NASDAQ: CLVS ), a biotech focused anti-cancer agents, added more than 34% on Friday to reach the highest level since April after the company’s shareholders rejected a proposal to implement a reverse stock split.
• Disclosing the outcome of its 2022 stockholder meeting, Clovis ( CLVS ) said that the shareholders did not approve two proposals: the 1-for-7 reverse stock split and a concurrent plan to decrease the number of authorized shares of common stock.
• The company had previously adjourned its annual meeting to discuss three proposals. However, shareholders have greenlighted only one proposal related to a stock incentive plan when the meeting resumed yesterday.
• Despite more than a threefold rise over the past 30 days, Clovis ( CLVS ) shares remain ~45% lower than the year-ago level, as shown in this graph.

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